证券日报网讯1月12日，本钢板材（000761）在互动平台回答投资者提问时表示，公司基本建成了以汽 车钢为主的精品钢材基地，形成了60多个品种、7500多个规格的产品系列，汽车表面板、家电板、石油 管线钢、集装箱板、船板等主导产品，被广泛应用于汽车、家电、航空航天、机械制造、能源交通、金 属制品等领域。公司将坚持市场导向，进一步开发下游客户群拓展销售渠道，紧盯有市场前景的产品， 形成营销牵引、研发配合、生产支撑的一体化协同。 ...

2025年岁末，一组组喜讯陆续传来—— ——"含新量"更足。 北部湾港，集装箱吞吐量突破1000万标箱。 友谊关口岸，年进出境车辆首次突破百万辆次，中越"浦寨—新清"货运专用通道智慧口岸中方段投 入运行。 爱店口岸，年进出口货值首次突破千亿元大关。 …… "十四五"规划收官之际，一组组跃动的数字，勾勒出我区外贸向上的成长曲线。 这是跨越的五年。 广西外贸进出口总值连跨5000亿元、6000亿元、7000亿元台阶，2024年达7563.9亿元，比2020年增 长55.6%。 2025年1—11月，广西外贸进出口总值7265.4亿元，同比增长9.5%，全年有望突破8000亿元新关 口。 规模攀升，结构更优，动能转换，质量提升。一份沉甸甸的答卷，已然写就。 动力从何来？答案就藏在这四个"更"里。 出口商品正迈向高附加值、高技术含量，广西制造的国际竞争力显著提升。 "从拼价格到比品质，现在很多海外项目都点名要我们的货。"柳钢销售中心国际业务室经理吴宇俊 说。近年来，该集团的镀锌卷、船板等高端钢材在国际市场崭露头角，预计2025年全年出口量达110万 吨，同比增长51%。 不仅仅是钢材，广西的新能源汽车、工程机械等机电 ...

(本文来自第一财经) 东方精工：嘉腾机器人在手订单超230亿的传闻不属实 【存储芯片】 12月25日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在商业航天、储能 等方面最新情况： 聚辰股份：存储芯片已量产应用于数据中心等下游领域 【商业航天】 【其他】 【机器人】 振华科技：电路保护等元件已配套核电应用 和顺电气：参股公司主营商业卫星电源产品 中航光电：配套商业航天领域连接器及光电液综合互连组件 上大股份：已与航天科技/航天科工集团下属院所开展合作，产品用于固体火箭发动机壳体等 中超控股：江苏精铸目前已进入航天科工火箭技术有限公司等航空航天核心主机厂商的供应链体系 南钢股份：为火箭回收船供应船板 【储能】 天合光能：2025年第四季度储能产品预计出货量超5GWh，全年出货量超8GWh 中天精装：参股企业科睿斯当前正在为部分客户打样，各项进展顺利 德石股份：公司高温螺杆钻具已广泛应用于新疆、四川等地油气开发的万米深井钻井工程中 高澜股份：已向国内外数十条特高压直流输电项目提供热管理产品 天润工业：公司商用车电动转向业务已进入供应商体系 ...

Group 1 - The company currently holds a 2.31% stake in Star Glory [1] - The company supplies ship plates for rocket recovery vessels [1]

Group 1 - The company currently holds a 2.31% stake in Star Glory [1] - The company supplies ship plates for rocket recovery vessels [1]

Group 1 - The Jingchang Wide Plate Project in Donglian Town, Tongling City, Anhui Province, has a total planned investment of 5.6 billion yuan and aims to be a top global green and intelligent wide plate factory [1] - The project has successfully developed low-alloy high-strength structural steel and marine engineering structural steel, with its ship plate products certified by five national classification societies [1] - The project has recently entered the international supplier list for high-quality ship plate steel [1] Group 2 - Donglian Town has transitioned from a traditional agriculture-based economy to a high-level industrial development model, focusing on steel, energy, and fine chemicals [2] - By 2024, the number of regulated enterprises in the town is expected to reach nearly 20, with industrial output value projected to be 23.7 billion yuan, marking significant economic growth [2] - The town has established the first township-level "Enterprise Development Service Center" in Anhui, implementing a proactive service mechanism to support local businesses [2]

Core Insights - The article discusses the evolution of the black industry chain, highlighting the rigid pricing mechanisms between the upstream steel industry and downstream manufacturing sectors, which transfer price volatility risks to downstream players [1][2] - It emphasizes the introduction of futures derivatives as a solution to restructure risk-sharing mechanisms within the industry chain, allowing for a more flexible pricing buffer [1][4] Industry Overview - The steel industry operates under a long-process smelting model, focusing on maintaining reasonable profits and stable production while controlling costs [2] - Steel trading companies serve as supply chain service providers, addressing the pricing risks that arise from asymmetric purchasing and sales between upstream and downstream entities [2] Market Dynamics - In Q2 2023, steel prices fell due to supply-demand imbalances and seasonal factors, prompting downstream shipbuilding companies to seek current market prices for their annual production needs [2] - Existing pricing models from steel companies did not meet the actual needs of shipbuilding firms, leading to a mismatch in pricing expectations [2] Risk Management Solutions - The collaboration between futures companies and steel trading firms facilitated a pricing conversion that addressed the needs of both shipbuilding and steel companies [3] - A closed-loop system was established where steel companies sold at floating prices, while trading firms provided price management services to shipbuilders, allowing for fixed-price procurement [3] Financial Impact - From May to September 2023, trading firms locked in steel resources for shipbuilders, reducing procurement costs from approximately 5780 CNY/ton to 4980 CNY/ton, resulting in an additional revenue of about 800 CNY/ton for shipbuilders [3] - Steel companies benefited from a stable profit of around 200 CNY/ton without bearing the exposure risk [3] Strategic Importance - The "guaranteed supply and locked price" model meets the needs of both upstream production and downstream risk control, ensuring stable prices and supply [4] - This project supports the stable operation and development of the manufacturing sector, which is crucial for maintaining economic growth and enhancing competitiveness in the industrial landscape [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.70 CNY based on a price-to-book (PB) ratio of 1.22X for comparable companies [2][4]. Core Views - The company's high-end products are expected to continue enhancing profits, with a robust dividend policy highlighting its long-term investment value [1]. - The company reported a significant increase in net profit for the first half of 2025, achieving 1.463 billion CNY, a year-on-year growth of 18.63% and a quarter-on-quarter increase of 52.94%, demonstrating strong performance resilience [10]. - The product mix is improving, with a focus on high-value steel applications, particularly in shipbuilding and automotive sectors, which are projected to maintain high demand [10]. - The company plans to distribute a cash dividend of 0.1186 CNY per share for the first half of 2025, amounting to approximately 730 million CNY, representing 50% of the net profit attributable to shareholders [10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 62.048 billion CNY, 61.393 billion CNY, and 60.871 billion CNY respectively, with a slight growth forecast for 2025 [3]. - The company's gross margin is expected to improve from 10.6% in 2023 to 14.1% by 2027, indicating a positive trend in profitability [3]. - The net profit attributable to the parent company is forecasted to grow from 2.607 billion CNY in 2025 to 3.306 billion CNY in 2027, reflecting a strong growth trajectory [3].

Group 1 - The domestic futures market in the energy and chemical sector showed significant gains, while plywood futures experienced a downward trend, with the main contract reported at 152.10 yuan/ton, a slight decrease of 0.20% [1] Group 2 - The China Iron and Steel Association held its 11th expanded council meeting, highlighting the ongoing imbalance between total supply and demand in the steel industry [2] - The demand for steel in the construction industry continues to decline, leading to a more pronounced trend of localized sales for rebar, which remains a key circulating material and price benchmark in the steel market [2] - The association emphasized the importance of self-discipline among enterprises to stabilize production and prices, adhering to the "three determinations and three non-allowances" principle [2] - On July 29, the national building materials transaction volume reached 122,100 tons, an increase of 20.41% compared to the previous trading day [2] - As of June 2025, China's steel exports were 9.678 million tons, a decrease of 8.5% from the previous month, marking the first decline since March of this year, with an export average price of 687.1 USD/ton, down 1.6% from the previous month [2]

Core Viewpoint - The credit rating of Benxi Steel Plate Co., Ltd. remains stable at AA+/Stable, with the "Benxi Convertible Bond" rated AAA, reflecting the company's market position, product structure, and financing capabilities despite challenges in the steel industry [1][2]. Company Overview - Benxi Steel Plate is a major steel producer in Liaoning Province, with a strong market position and a favorable product structure [6][10]. - The company has a significant production capacity, with annual capacities of 10.51 million tons for pig iron, 13.35 million tons for crude steel, and 24.28 million tons for steel products [8][10]. Financial Performance - The total assets of the company increased from 444.60 billion yuan in 2022 to 465.18 billion yuan in 2023, but decreased to 458.16 billion yuan in 2024 [1][2]. - The company reported a net loss of 16.48 billion yuan in 2023 and 49.60 billion yuan in 2024, indicating a significant decline in profitability [2][15]. - The debt level rose significantly, with total liabilities increasing from 250.86 billion yuan in 2022 to 333.17 billion yuan in 2024 [1][2]. Industry Context - The steel industry is facing downward pressure due to weak demand and falling steel prices, which have led to increased losses for companies like Benxi Steel Plate [4][5]. - The company is planning a major asset swap that may significantly change its business scope and operational focus, which requires close monitoring [7][6]. Operational Insights - The company has a strong supply chain for raw materials, primarily sourcing iron ore and coal from both domestic and international suppliers, ensuring stable production costs [11][12]. - The production facilities are advanced, with ongoing investments in energy efficiency and environmental upgrades, although these require significant capital expenditures [10][16]. Future Outlook - The credit rating agency expects the company's credit level to remain stable over the next 12 to 18 months, but highlights potential risks from market fluctuations and operational changes [1][3]. - The company is focusing on high-value products and expanding its market presence, including overseas markets, to mitigate domestic demand challenges [10][11].